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City of Fridley HRA LOAN PROGRAM REVIEW - 2015 / 2016
<br />October 29, 2015
<br />Draft " Last Resort " Emergency Deferred Mobile Home Improvement Program Multi Family Exterior
<br />Improvement Loan Commercial Loan Program
<br />
<br />Closed End (Revolving Rehab)
<br />Ineligible Improvements
<br /> Work initiated before the loan has been approved and closed.
<br />Recreational items including gazebos, pools, hot tubs, saunas,
<br />lawn sprinklers, play ground equipment; Furniture and non
<br />permanent appliances; Funds used for working capital, debt
<br />management, or to refinance existing loans; Personal property
<br />items, and repairs to property used for business or trade
<br />purposes. Funds cannot be used to rent or purchase equipment
<br />needed to complete the project.
<br />Work initiated before the loan has been approved and closed.
<br />Recreational items including gazebos, pools, hot tubs, saunas,
<br />lawn sprinklers, play ground equipment; Furniture and non
<br />permanent appliances; Funds used for working capital, debt
<br />management, or to refinance existing loans; Personal property
<br />items, and repairs to property used for business or trade purposes.
<br />Funds cannot be used to rent or purchase equipment needed to
<br />complete the project.
<br />Work initiated before the loan has been approved
<br />and closed. Recreational items including gazebos,
<br />pools, hot tubs, saunas, lawn sprinklers, play
<br />ground equipment; Furniture and non permanent
<br />appliances; Funds used for working capital, debt
<br />management, or to refinance existing loans;
<br />Personal property items, and repairs to property
<br />used for business or trade purposes. Funds cannot
<br />be used to rent or purchase equipment needed to
<br />complete the project.
<br />Improvements not approved by the City of Fridley
<br />Sweat
<br />Equity/Homeowner
<br />Labor
<br />Sweat equity is not permitted in this program
<br />Work can be performed on a “sweat equity” basis. Loan funds
<br />cannot be used to compensate for labor, only for materials. The
<br />homeowner must demonstrate to CEE that they have the ability to
<br />complete the work within the program time requirement.
<br />Materials must be purchased and installed prior to the
<br />disbursement of the loan proceeds. When applicable, a signed city
<br />permit must be obtained.
<br />Sweat equity is not permitted in this program Sweat equity is not permitted in this program
<br />PRE Property Inspection
<br />A property inspection will be performed by a CEE
<br />representative prior to the loan closing to determine that the
<br />project is an emergency as defined by the description in eligible
<br />improvements.
<br />None None None
<br />Post-Install Inspection
<br />Contractors/ Permits
<br />Bids
<br />* 1 bid is required. Bids must detail the scope of the
<br />work to be completed, the associated cost(s) and any
<br />rebates.
<br />* Prior to applying for the loan with CEE, applicants must
<br />first submit their project to the City of Fridley HRA
<br />council for approval.
<br />The Fridley HRA will review the documentation and
<br />provide written project approval which the applicant
<br />needs to provide to CEE prior to loan approval.
<br />The proposed work reflected on the bid must match the
<br />project approval provided by the Fridley HRA. All
<br />contractors must be properly licensed, as required by
<br />the city of Fridley.
<br />Work can be performed on a “sweat equity” basis.
<br />Loan funds cannot be used to compensate for labor,
<br />only for materials. The homeowner must
<br />demonstrate to CEE that they have the ability to
<br />complete the work within the program time
<br />requirement. Materials must be purchased and
<br />installed prior to the disbursement of the loan
<br />proceeds. When applicable, a signed city permit must
<br />be obtained.
<br />None
<br />Work initiated before the loan has been approved and
<br />closed. Recreational items including gazebos, pools,
<br />hot tubs, saunas, lawn sprinklers, play ground
<br />equipment; Furniture and non permanent appliances;
<br />Funds used for working capital, debt management, or
<br />to refinance existing loans; Personal property items,
<br />and repairs to property used for business or trade
<br />purposes. Funds cannot be used to rent or purchase
<br />equipment needed to complete the project.
<br />Prior to the release of loan proceeds, the property is subject to inspection by a CEE inspector or, where a permit is
<br />required, work must be signed off by a City inspector. Prior to the release of loan proceeds, the property is subject to inspection by a CEE inspector or, where a permit is required, work must be signed off by a City inspector.
<br />Contractors must be properly licensed to work in the City of Fridley. Permits must be obtained when required by city ordinance.
<br />1 bid is required. Bids must detail the scope of the work to be completed, the associated cost(s) and any rebates. 1 bid is required. Bids must detail the scope of the work to be completed, the associated cost(s) and any rebates.
<br />Contractors must be properly licensed to work in the City of Fridley. Permits must be obtained when required by city
<br />ordinance.
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